Vasilevskiy was second-to-last to go and took over the lead when he made stops on the first nine shots he faced before surrendering a goal to Columbus' Seth Jones on the 10th attempt. Vasilevskiy's most spectacular save came on Mathew Barzal, the Russian netminder reaching behind-the-back with the glove to block the Islanders forward.
Vasilevskiy held the lead only briefly. Binnington followed and, after giving up a goal on his third shot faced, made 10-straight stops, capped with a denial on Edmonton's Leon Draisaitl, to win.
Vasilevskiy is making his third-consecutive appearance at All-Star Weekend.
Victor Hedman placed in a tie for fourth in the Hardest Shot challenge, his fastest shot of 102.1 mph coming on his second attempt.
He posted 97.3 mph on his first shot.
Hedman tied with Calgary's Mark Giordano, the 2019 Norris Trophy winner.
Shea Weber was the final participant and took the title with his 106.5 mph shot on his second try. Weber's first attempt registered 105.9 mph and was best among the field too. He won the Hardest Shot competition for the fourth time in his career.
Washington's John Carlson, last year's champion, took second at 104.5 mph.
Vancouver's Elias Pettersson posted 102.4 mph on the radar gun to take third.
Hedman is at his third All-Star Weekend, although he couldn't participant in on-ice activities in 2018 when the All-Star Game was in Tampa due to injury.
